Our bi-weekly news roundup collects some of the headlines in payments and fintech to watch, giving leaders across industries (or fintech enthusiasts) a quick glance at some of the news in the space. In Flywire’s 10+ years in delivering the most complex, high value payments, we’ve had a unique opportunity to work with many different organizations in the fintech and payments ecosystem. We’ve seen changes in how clients get paid, how their customers want to pay and how central the payments experience has become – not just across the industries we focus on, but every industry.
Here are some of the payments and fintech headlines from Nov. 18-Nov. 28.
Headlines
World Cup offers stage for payments tech - PaymentsDive
As FIFA’s official paytech partner, Visa is using the event to “showcase and test new technologies, enhance the fan experience and leave a lasting impression on the host country.” Tech includes facial recognition payment technologies and digital cards with animated artwork.
Just Published: PCI Mobile Payments on COTS - PCI Security Standards Council
The PCI Security Standards Council published a new standard to support mobile payment acceptance solutions. It builds on two existing standards to better secure contactless payments on commercial off-the-shelf mobile devices (COTs), i.e. smartphones and tablets.
Annual LexisNexis Risk Solutions Report Finds Fraud Costs up to 22.4% from Pre-Pandemic Levels Across U.S. and Canadian Financial Services Firms - Cision PR Newswire
Speaking of better securing mobile devices, among the findings in this year’s “True Cost of Fraud: Financial Services and Lending report” is that mobile channels now generate a sizable level of transaction fraud and volume for ecommerce merchants in the U.S. and Canada.
How payments tech is evolving to meet today’s challenges - American Banker
Payments tech innovation is likely to stay strong, contactless payment technology will take new forms, and fraud and payments security continue to be prioritized and funded.
9 in 10 CFOs Focused on Payments Automation and Transformation -PYMNTS
CFOs are currently investing or plan to invest in payments digitization in the near future, prioritizing fraud prevention/risk management, and working capital and credit, according to a report by PYMNTS and Corcentric.
PayZen Raises $220 Million Growth Round for Personalized Healthcare Affordability - BusinessWire
Healthcare-focused fintech PayZen announced it raised $220 million led by Chicago-based VC firm 7wireVentures and Israel’s leading technology investment firm Viola Credit. It will use the funding to scale operations and product development of its affordability financing platform.
‘Everything else is just digital, digital,digital’: Wells Fargo’s Ulrike Guigui on enterprise payments trends - Tearsheet
To hear more about what large businesses need in today’s payment environment, Tearsheet talked to Ulrike Guigui, head of enterprise payments strategy at Wells Fargo. Guigui talked about how consumer tech is driving corporate expectations on behalf of CFOs and treasurers, who want commercial payments experiences that more closely resemble consumer ones.
From Flywire
How agents and institutions can work together to provide a great student experience
When institutions invest time and resources in building a strategic partnership with their agents the results speak for themselves. Here are a few ways institutions and education agents can partner together to drive benefits.
Flywire Partners with HDFC Bank to Digitize Education Payments from India
Flywire’s integration with the HDFC banking platform provides students and families a streamlined experience when making high-value education payments and helps them comply with LRS requirements.
11 Boston Women Share Advice For Advancing to Leadership - BuiltInBoston
In sharing advice on moving into leadership roles, Flywire’s Aimee Schumaker, who is Director of Payments Strategy and Growth, talks about why it’s important to become an expert on how your company works and not to shy away from projects that may take you outside your comfort zone
How to ease and improve the booking and payment process- ShortTermRentalz
One necessary comfort that is often overlooked in the travel business is making sure customers have a positive experience booking their trips, including how they pay for it. Here’s what international travelers are looking for.
Report of the week
Open Doors 2022
The United States was once again the top destination for international study in academic year 2021/2022, welcoming 948,519 international students, according to the annual Open Doors Report. The comprehensive report on international student enrollment is a collaboration between the Department of State and the Institute of International Education (IIE). Enrollments increased 4% from the previous academic year.
Stat of the week
5,300+ - the number of contactless-enabled payment terminals at FIFA World Cup Qatar 2022, according to Visa.
Conversation starter
New Research This Giving Tuesday Shows Donating Popular Among Young Adults
Young people are driving international donations – can they also influence them in the right way? The USAID Center for International Disaster Information thinks so – and kicked off its “Cash is Best” campaign with public service announcements designed by college students in the U.S., encouraging monetary and not physical donations for Giving Tuesday.